Getting started in Forex trading can seem daunting, so I've put together a list of my recommended resources for forex trading. There are tools for beginners right through to pro traders.
It's always important to remember that forex education is a never ending journey. Just like any skill, you have to put the hours in. If you want to become one of the worlds best and most profitable trader, then do yourself a favour and start learning!
Good forex traders have a well developed strategy to trade with. So how do you develop a strategy? Here are some great guides to help you learn the various forex strategies.
This is an excellent free resource that will teach you some of the basics of Forex. It also has a comprehensive section on Price Action trading and how to trade using the right mindset. If you read through the basic guides, you'll already be better prepared then most of the newbies.
A very well known resource for new forex traders. Will introduce you to the absolute basics of trading. Also publishes forex news and an economic calendar with upcoming events.
TradingView is a social network for traders. Traders share their ideas using technical analysis. There's also a leaderboard so you can follow the traders who actually know what they're talking about.
Instead of risking real money while learning, why not play this trading game instead. It's a great way to improve your technical analysis skills in a friendly competitive environment.
ForexFactory is my go to source for news. It's powered by the community so you can jump in and ask questions or submit things yourself. It also has a handy economic calendar.
Where to trade forex
I've used all of these brokers at some point. I've chosen them because of their reliability and interface. There are definitely a lot of brokers out there that are dodgy – make sure you only go with a fully regulated broker with a good reputation.
Copy Trading is where you automatically copy the trades made by a more experienced trader. Platforms allow you to browse through the profiles of traders and copy the ones who match your desired level of risk and return. Copy Trading is a good way to reduce the risk of forex trading, while learning about forex from people who actually know what they're doing.
eToro is the worlds largest copy trading platform with over 5 million traders. You can use the platform to trade manually or copy successful traders. In my opinion, eToro has the best copy trading features of any platform. They offer a huge range of markets to trade in, including stocks, forex, commodities, cryptocurrencies and ETFs.
ZuluTrade is a mirror trading platform. They aren't a broker in their own right. You need to sign up with a broker, and then connect it to ZuluTrade. You can then copy people and those trades will be mirrored in your brokerage account.
Plus500 is a CFD trading platform. They offer a large range of markets and their own proprietary web trading platform.
XM is the platform I recommend to more experienced traders who are looking to trade using the MetaTrade software. XM specialises in Forex and doesn't offer the same range of markets as other platforms. Instead they compete by offering tight spreads and low fees.
EasyMarkets offers Forex and Cryptocurrency trading. They are one of the worlds largest and most established brokers. You can trade on a number of different platforms. They also offer a unique insurance tool, which allows you to take out insurance on trades, so you won't lose any money if the market moves against you.
Trading with Cryptocurrency
If you want to trade using Cryptocurrency such as Bitcoin or Dash, the good news is there are a growing number of brokers that specialise in digital currency. They work just like regular brokers, except your account is funded using crypto rather than fiat.
WhaleClub is a broker that only accepts digital currency. You can trade a bunch of different instruments including Forex, some Stocks and other cryptocurrencies. The spread is higher than other platforms but I find it to be the easiest and best designed broker for crypto.
EvolveMarkets allows you to trade using digital currency and MetaTrader. If you like using the MT4 platform, then this is the broker for you. You deposit and withdraw using Bitcoin instead of digital currency.
1Broker is both a forex broker that accepts Bitcoin and a copy trading platform. Although the copy trading features are fairly limited, it is possible to copy the most successful traders on the platform and mirror their trades.
Disclaimer: eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.